It is nearly impossible to get through adult life without taking on some amount of debt. However, when this debt becomes more than you can pay out of what the money that you make or have available in liquid assets, you need to figure out a way to resolve it legally and quickly.
When you meet with one of the qualified bankruptcy lawyers in Danville, VA, you can discuss what your options are and learn how to file a case that will compel creditors to seize their collection activities against you. You can then look forward to an opportunity to build a new financial future for you and your family.
Total Liquidation
One of your available options involves filing for a total liquidation of most or all of your debts. To qualify for a Chapter 7 bankruptcy, you must earn less than a stipulated amount of money. You also cannot have filed for this type of bankruptcy within the last eight years.
The only debts that cannot be discharged with Chapter 7 are student loans, back taxes and child or spousal support. Most other debts can be liquidated and erased entirely.
Your other option involves filing a Chapter 13 bankruptcy. This consolidates your debts and lets you pay them off over the course of six years before the remaining amounts are liquidated. You can learn more about both by talking with one of the bankruptcy lawyers in Danville, VA. Contact the Law Offices of Stephen E. Dunn, PLLC at .ou can also connect them on Facebook.
